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Severstal net profit falls by 31% to $1.23 bln in 9 months

The company's revenues in January-September increased by 18% to 628.3 bln rubles ($6.52 bln) due to an increase in average selling prices

MOSCOW, October 21. /TASS/. Net profit of mining and metallurgical corporation Severstal under the International Financial Reporting Standards (IFRS) in January-September 20-24 decreased by 31% year-on-year to 118.33 bln rubles ($1.23 bln). EBITDA remained virtually unchanged and amounted to 191.4 bln rubles ($1.98 bln), the company said.

The company's revenues in January-September increased by 18% to 628.3 bln rubles ($6.52 bln) due to an increase in average selling prices, including an increase in the share of high value-added products in sales. Free cash flow for the period decreased by 6% to 98.97 bln rubles ($1.03 bln) rubles due to increased investments.

The EBITDA margin for the period was 30% compared to 36% in 2023. The company's investments in January-September increased by 83% to 71.75 bln rubles ($744.67 mln) due to active implementation of projects according to the company's new strategy.

In Q3 2024, Severstal's revenues increased by 14% compared to the third quarter of 2023 to 219.14 bln rubles ($2.27 bln) due to an increase in sales volumes and average selling prices amid an increase in the share of finished products in the sales portfolio. At the same time, EBITDA decreased by 9% to 64.85 bln rubles ($673.06 mln) in the reporting period.

Free cash flow decreased by 9% to 41.46 bln rubles ($430.3 mln) due to a decline in EBITDA and an increase in investments. Net profit for the Q3 decreased by 47% to 35 bln rubles ($363.65 mln). The company's investments increased 2.2-fold to 32 bln rubles ($332.48 mln).

Meanwhile, Severstal reduced steel output by 8% compared to the same period last year to 7.7 mln tons for January - September 2024, while pig iron production fell by 14% to 7.17 mln tons, the company said in a statement.

Severstal's sales of metal products for the reporting period amounted to 7.93 mln tons, which is 3% less than last year due to a decrease in sales of semi-finished products during repairs.

At the same time, steel production in the Q3 2024 decreased by 8% year-on-year to 2.47 mln tons and pig iron production by 11% to 2.4 mln tons due to repairs in blast furnace production. Sales of metal products increased 3% to 2.77 mln tons compared to Q3 2023. Sales of high value-added (HVA) products increased 5% year-on-year to 1.48 mln tons due to increased demand for construction pipe products and polymer-coated rolled products.

Severstal is a vertically integrated mining and metallurgical company and one of the largest steel producers in Russia.

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